Just retired, should we open a joint account?

jennifer56

My husband has just retired and we are both at home all day getting on each others nerves:eek:
We have been married for 42 years.

Our only income now is our pensions paid into separate accounts and all our direct debits come out of my husbands current account.

The only thing I pay from my current account is my credit card, which I use for groceries and pay off every month, any excess is siphoned off by my husband to who knows where.

Isn't internet banking wonderfull?:rolleyes:

So I suggested to my husband that if anything happened to him I would have problems paying bills etc. or even knowing where the money is, so we should combine our bank accounts.

His answer was to put all the banking details, passwords, account numbers and direct debits into a word document and burn it onto a CD and told me to keep it in a safe place.:mad:

Would it be easy enough to open a joint account and get our pensions and direct debits transferred to it?

Also we have no morgage that was paid off last month :j
Thanks, Jennifer

jennifernil

We are also retired (married 40 odd years) and have always had a joint current account, our pensions (mainly paid to my husband) all go into that, and all the DDs etc go from that, plus the savings to our ISAs.

Anything left over I move to my savings account as my pension is less than my personal allowance, so that saves tax on the interest.

So we are the opposite way round from you.

I have most banking on line and my husband knows how to access it, but I also file all the paper statements and he knows where to find them too.

I would not contemplate operating without a joint current account.

We use the Halifax reward account.

eslick

couldnt imagine life without a joint account and we are in our late 30s, it makes life so much easier. A friend of ours passed a few years ago and they didnt have a joint account and it was terrible for her until they managed to get things sorted so I would definately suggest one.

chesky369

Dig out the CD, run it and learn what it says. Look out his bank statements, bills, etc. so you actually know what your expenses are.

Either tell him to get out and take up a hobby, or, better still, get out and do one yourself!

bubblegumcola

You could still keep your separate accounts and just set up a joint one which you both pay what you need from your pensions to cover the bills - only use it for bills. My DH and I have separate accounts but it would sense for us to have a joint one for household bills, we used to have a savings account together but closed it ages ago as there was never much in it. If you set up a standing order into a joint account. the only hassle would be changing all your direct debits to the new account but then I think some banks automatically do it for you. Worth enquiring at your bank to see how easy they can make it for you opening a joint account.

Congrats on having no mortgage...wish that was me!

jennifer56

You could still keep your separate accounts and just set up a joint one

He has agreed to that.

Dig out the CD, run it

Already have

I was getting worried because my sister had a lot of problems when her husband passed but I have found out that my husband is a lot more organised than he was.

Everything is written down or on his computer and he is starting to show me how our finances all work so I should be able to manage.

Jennifer

jennifernil

Have you never had a joint account? How did you manage before?

When my son got married in 1998 they had separate accounts plus a joint one for household bills, which I found very strange!

Now they just have a joint account that everything goes into. I must admit that I find the idea of a married couple having only separate accounts very strange!

jennifer56

Have you never had a joint account? How did you manage before?

Quite easily, my husband paid all the bills, when we got married, direct debits didn't exist, I think, and he gave me housekeeping money every week, he was paid weekly in cash, remember that?

I paid the rent and bought the food, he paid the electricity our only bill, we had no gas then.
He only got a current account when his work insisted on paying him by BACS.

Same with me, I only got a current account to get my pay paid into when I started working at another job that paid me monthly.

Was skint the first month that had 5 Fridays.

Previously I also was paid in cash.

Then when direct debits took off everything came out of his current account as mine was cleaned out every week.

It worked for us for over 40 years there was never any need to change it.

And we won't even bother now, too much trouble.

Jennifer.

ViolaLass

jennifernil wrote: »

When my son got married in 1998 they had separate accounts plus a joint one for household bills, which I found very strange!

OH and I (married 2008) have this arrangement. Don't see what's strange about it, myself. It means that the money I earn is mine to do as I please with it and I don't have to justify whether I've spent it on shoes or a university course or books or a holiday or anything.

I wouldn't dream of pooling all our money. Apart from anything else, what if you want to surprise the other person with something? Or you want to go on a holiday by yourself? Do you have to discuss it with them? Do you stop being your own person just because you're married? (My husband knows that if he were in trouble and money could solve it, I would give him everything I have, which is different.)

Errata

OP - What plans have you made for the 'run over by a bus' scenario ? A bank account is frozen when someone dies - providing the bank(s) are informed.

jennifer56

providing the bank(s) are informed.

exactly

Savings accounts, just transfer the money to my account online, I have all the passwords and details.

Direct debits, play the grieving widow and get the bank to deal with them.

In fact the only direct debits now are gas and electric, Sky and Virgin, so no problem if they are not paid for a month or 2.

Council tax is paid by a cashback credit card.

So nothing drastic to bother about.

Also I have over £10000 in ISAs in my name, even although it is my husbands money, so I will have money to live off for a while.

As I said in another context, Isn't internet banking wonderfull?:rolleyes:
Jennifer